Cryptocurrencies
Short-Sellers Target Biggest US Bitcoin ETF as Drawdown Deepens
- BITO short interest hovers near all-time high while puts climb
- One of the worst-performing, non-leveraged funds in 2022
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The first US Bitcoin-futures backed exchange-traded fund is turning into a target for crypto bears.
Short interest in the $748 million ProShares Bitcoin Strategy ETF (ticker BITO) as a percentage of shares outstanding is nearly 11%, close to the highest since the fund’s October 2021 inception, IHS Markit Ltd. data show. Meanwhile, the fund’s ratio of open interest in bearish put contracts to call open interest has soared since mid-April to all-time highs.